RALEIGH, N.C.–Credit unions across the country continue to announce different forms of assistance for members who have lost jobs and income due to the coronavirus pandemic.
Among the most recent to announce relief is the country’s second-largest credit union, State Employees CU, which said it continues to offer a Mortgage Assistance Program—a program it said it first implemented during the Great Recession in 2009 and which has helped 11,000 members “and counting.”
Other programs, available for eligible SECU home, vehicle, credit card and unsecured personal loans, provide a variety of assistance options for members who have experienced a job loss, a reduction in hours or other income impairment and cannot make their loan payments on time, the credit union said. Options include payment extensions, partial payment plans, forbearance and refinancing of existing debt.
“Our members have endured many weather-related and economic storms over the years, but this pandemic is unlike anything we have ever faced,” said SECU President/CEO Mike Lord. “SECU is a financial first responder. As a member-owned, financial cooperative founded on the ‘People Helping People®’ philosophy, we are here to help you get through this event. We entered it together and we will get through it together.”
Other CUs Announcing Assistance
Two Branches Re-Open
In New Mexico, Del Norte Credit Union, said it has reopened its White Rock and Los Alamos locations following a deep cleaning of both offices. Hours remain limited at five of its other offices.
“As we face the challenges of this unprecedented pandemic together the strength of our diverse and cohesive Northern New Mexico communities will help us come out of this stronger on the other side,” said CEO Chuck Valenti. “Rest assured that your credit union will continue to serve your financial needs while prioritizing the health and safety of our employees, members, and communities.”
Two Relief Programs
In Jacksonville, Fla., Jax Federal Credit Union has launched two relief programs for its members, including:
- Emergency Relief 60-Day Extension on Consumer Loans: Qualified borrowers can request a 60-day extension on consumer loans, including mortgages, car loans and personal loans, by calling Jax Federal Credit Union’s contact center at 904-475-8000 or toll-free at 800-443-2664 during business hours. Business loans will be reviewed on a case-by-case basis.
- 60-Day Skip-a-Payment Plan for JAXFCU Visa Credit Cards: All JAXFCU Visa credit cards in good standing will automatically be enrolled in a 60-day extension for payments due in April and May 2020. Members must suspend any automatic payments scheduled through Jax Federal Credit Union’s Online Payment Portal, Bill Pay or other financial institutions.
“This is a difficult time for our members and their families, especially those facing unexpected disruptions in employment,” said Mary Svoboda, Interim president and CEO of Jax Federal Credit Union. “Our team is here to help, just as we have since 1935.”
Assistance in the Granite State
With 735,000 CU members in New Hampshire, the Cooperative CU Association is reporting credit unions in the state have created a number of assistance programs, including:
- Low-interest loans (often up to 12 or 24 months)
- 60-90-day deferments on loan payments
- Refinancing options on mortgages
- Waived fees for early withdrawal on certificates
- Waivers on checking account overdraft fees
- Skip-a-Pay programs on auto and home loans and credit cards
- Mortgage and home equity payment relief
- Emergency hardship loans
- Increased credit limits
- Extended due dates on collections
“New Hampshire’s credit unions serve as the financial first responders for consumers and businesses in a crisis such as COVID-19. They are stepping up to meet all their members’ needs, providing hardship loans, deferring loan payments, waiving fees and offering much needed financial counseling,” said Ronald McClean, president/CEO of the Cooperative CU Association. “Extraordinary times call for extraordinary service which is what New Hampshire credit unions provide each and every day.”
Bay FCU Partners With Green Path
In Capitola, Calif., Bay FCU said it is partnering with GreenPath Financial Wellness to address critical needs among community individuals and families impacted by COVID-19.
Through the partnership, Bay Federal said it will offer free phone-based GreenPath financial counseling. GreenPath’s counselors will assess an individual’s entire financial picture and identify options that can relieve stress and make it easier to bounce back.
“Our hearts go out to everyone who has been impacted by this crisis. We know that many of our families and neighbors are concerned about their financial welfare,” said Bay Federal President and CEO Carrie Birkhofer. “If COVID-19 measures are affecting your income, you’re not alone. Together with GreenPath, we have put programs in place to provide needed assistance and help ease financial stress during this extraordinary time.”
Disinfecting ATMs
In Lancaster, Penn., Paramount Management Group said it has begun applying the BIOPROTECUs System to disinfect and protect its fleet of ATMs. Being used on its fleet of ATMs throughout the U.S. and Puerto Rico. The company said it is the first large scale ATM operator in the industry to utilize ViaClean Technologies’ BIOPROTECTUs products. Paramount said it expects to complete the initial application of the BIOPROTECTUs System by April 15 and reapply the product every 90 days, or sooner if warranted, in order to actively protect and inhibit the growth and spread of harmful germs.